Security deposit (by Brian [KY]) Jun 6, 2009 1:02 PM|
Security deposit (by ManateeAlley [FL]) Jun 6, 2009 1:36 PM
Security deposit (by Brad [IL]) Jun 7, 2009 5:42 AM
Security deposit (by Brian [KY]) Posted on: Jun 6, 2009 1:02 PM
State Specific Question About: KENTUCKY (KY)
Lease specified that security deposit could be paid in two equal installments, the first of which was paid w/ first month's rent, the second of which was due with next month's rent.
Tenant paid first half, paid prorated first month's rent, but has never paid second half of deposit. Now, three months into lease, tenant gave 30-day notice (lease has no provision for early termination) and is refusing to pay remainder of deposit and demanding the paid half back.
Is he entitled to his money back? --65.80.xx.xxx
Security deposit (by ManateeAlley [FL]) Posted on: Jun 6, 2009 1:36 PM
Magic word is "Lease"...Notify tenant in writing that his security deposit will be handled according to state statute. Meanwhile start advertising the unit for rent, and if you can re-rent it before the remainder of tenants deposit is depleated as applied against lost rent, you can return that amount, (if any) --67.191.x.xx
Security deposit (by Brad [IL]) Posted on: Jun 7, 2009 5:42 AM
First, never split the deposit. If you are feeling charitable and wish to help the tenant, then let them come in with half of the rent and play catch up over the next few months. For example, rent and SD are 500 each. Tenant wants to do half deposit. You accept 750, but credit 500 to the SD and 250 to first month's rent. Your lease will spell out that rent is 550 for the first 5 months, then 500 for the remainder. You can't evict for non-payment of security deposit, but you can evict for non-payment of rent.
Second, let the tenant know that they are responsible for the rent of the unit until you get it re-rented. You will return the deposit in accordance with your state's laws. You do not need to tell him that unpaid rent is a damage that will come out of the security deposit. Once he is out, clean and repair and get it re-rented. Return any leftover deposit or go to court to receive a judgment for money owed to you (court might not be worth the cost). --98.227.xxx.xxx